A Fifth SAC Trader Has Been Named In The Big Insider Trading Probe

A fifth person from Steve Cohen’s SAC Capital Advisors has been tied to a sweeping insider trading probe by Manhattan U.S. Attorney Preet Bharara’s office and the FBI, Bloomberg News’ Patricia Hurtado and Katherine Burton report.According to the report, which cites unnamed sources, Michael Steinberg, a 40-year-old tech-fund manager at SAC’s Capital New York division, Sigma Capital Management, was named as an “unindicted co-conspirator” in court papers for the securities fraud case of Jon Horvath.

Steinberg is the portfolio manager Horvath reported to while at SAC.

Prosecutors allege that Horvath, a former SAC analyst, and co-defendants Anthony Chiasson, the co-founder of Level Global, and Todd Newman, an ex-Diamondback Capital portfolio manager, were able to reap millions by trading on inside information in Dell and Nvidia stocks between 2007 and 2009.

They were all charged back in January.

So far, Steinberg hasn’t been charged with any wrongdoing himself.

Bloomberg News also reports the names other people from SAC who have been tied to insider trading as part of the wide-sweeping probe. They include former SAC fund managers Noah Freeman and Donald Longueil as well as former SAC analyst Jonathan Hollander. Their cases were different, though.